China raised reserve requirement by 50bps before Chinese new year. It will put pressure on commodities. China is in negotiation on long term contract for iron ore, potash, coal and want to buy gold to diversify its foreign reserve. So it is in their interests to push commodities down right now.
Retail sale in Jan. in U.S. is OK. But a big part is gift card from Christmas. Feb retail sales will be low.
The market is at the high end of the range right now.
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